Corporate Governance

At Dubai Holding we are committed to best corporate governance practice. We have the highest ethical standards and act with transparency, integrity and professionalism. Our aim is to act as a benchmark for the UAE in corporate governance.

In 2007 we appointed independent non-executive directors and established executive boards for our principal companies. This strengthens our internal controls and operational capabilities, while increasing Group oversight and adding to the skills and expertise of our people.

Our corporate governance structure:

  • Ensures all results are reported reliably, accurately and transparently
  • Complies fully with local and international laws, rules and regulations
  • Adheres to the policies and procedures for all Dubai Holding processes

 

Dubai Holding Executive Committee

The Senior Executive Board operates under the direction of HE Mohammad AlGergawi. It is responsible for Dubai Holding’s overall business strategy, overseeing our operations and supervising the management of our subsidiaries. It applies appropriate controls and ensures that our subsidiaries’ objectives are aligned with Dubai Holding group strategies. 

Dubai Holding Audit Committee

The Audit Committee assists our subsidiaries’ boards with their internal control, financial reporting and compliance responsibilities. It devises and approves annual risk-based audit plans, audits Dubai Holding’s financial and operations procedures and controls, and reviews our compliance with IFRS. The committee advises the Executive Committee on risk, internal audit controls and corporate governance and reports directly to the Chairman to ensure independence and maximise transparency.

Dubai Holding Investment Committee

This committee approves all investments and ensures a balance between risks and returns. It assesses our internal controls, ensuring objectivity, independence and cost-effectiveness, and recommending appropriate improvements. The committee comprises the Executive Committee members plus the Chief Financial Officer and Treasurer.

Group Internal Audit & Risk Management

Group Internal Audit works with dynamic risk-based audits from risk assessments of each company. Each subsidiary has an internal audit department, complementing the efforts of Group Internal Audit and giving total transparency and effective checks and balances.

Risk Management

At Dubai Holding, we constantly monitor and evaluate all areas of risk for our companies. By consistently identifying and addressing risks, we protect and create value for our stakeholders and our community.

Our central Group Risk Management team oversees all risk management, both at a group level and within our subsidiaries.

We rolled out a new Enterprise Risk Management (ERM) approach across the Dubai Holding group in 2007. This methodology draws on internationally accepted risk management fundamentals, from frameworks such as the Committee of Sponsoring Organisations of the Treadway Commission (COSO). We use it to ensure that our business strategies carry an appropriate level of risk for our stakeholders, to improve how we address identified risk, to plan for offsetting potential losses and to increase our ability to identify and realise opportunities.

We also have a network of risk managers throughout our subsidiary companies, supported centrally by Group Risk Management.

Continuity of Business

We have developed a Business Continuity policy with overall governance and accountability assigned to the Executive Chairman Dubai Holding Operations.  The Policy provides a strategic directive from senior management demonstrating commitment to the Business Continuity Management programme.

Code of Conduct

Our directors and employees adhere to our Code of Conduct, which covers general business principles, compliance, privacy and confidentiality. The Code is distributed to all employees of Dubai Holding companies. We have a 24/7 service called Trustline to identify and investigate possible contraventions.